Q: I'm wanting to purchase a family home the most inexpensive way without using bank financing.
My grandma wants 120k for her property (free and clear), which I just moved into. I'm also an investor that plans to update the home, possibly cash out refi, and rent it out after purchase. I'm wondering what options I have as far as purchasing. 120k is top of the market price "as-is" so I can only see seller financing as being a way for me to make it make sense. I've also been told if I were just added to the deed, I could take them off the deed at some point, refi, pay them off, and avoid a sale all together. I'm just wanting to know all the options I have so I can make the best offer for both sides.
There are no capital gains involved with my grandmother and house is paid for. I'm planning to live in the home just long enough for the updating or amount of time needed if there are benefits to staying vs leaving and renting. Please help. I see a lot of info on seller financing but not much about being between family members. Are there any loopholes in this situation to save money?
A: There is no difference between seller financing within a family and seller financing involving strangers. In either event, to protect yourself and your grandmother from possible trouble later, you and your grandmother should hire a lawyer to draw up all of the necessary papers to consummate the sale legally. You can find a real estate lawyer who practices in your area of NC by searching here on Justia.
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